The current eurozone crisis has been an important test for the EU; and it has not done well so far. For too long, Europe's
leaders have simply responded to unfolding events rather than directly
confronting the root causes of the crisis. This ad hoc politics has
undermined European solidarity and has created confusion and distrust
among Europe's citizens. We have to change this approach and restore
political leadership to prevent further damage.

We call on
Europe's leaders to take over the political agenda again and develop a
new plan for the future of a prosperous and united eurozone. We need a
credible new proposal for economic reform and growth that Europe's
peoples in the north and south can buy into; not just repeated doses of
austerity, which will not restore confidence and economic and social
sustainability.

We also need new and effective economic governance
mechanisms to address the institutional deficiencies of the eurozone
and the closer co-ordination of fiscal policies. Monetary
union requires closer political union. We need to acknowledge this and
work to make it happen rather than risking the break-up of the eurozone,
which would produce unpredictable political and economic costs.

We
are concerned about the current state of EU politics and the long-term
damage it could cause. Only a confident new politics can bring back
lasting trust in the financial stability of the monetary union and the
future of the European unification process. It is time to change
direction and live up to the challenge.